Category: Economy and Markets
Sri Lanka shares sag again
Aug 12, 2008 (LBO) – Sri Lankan stocks lost more ground Tuesday on thin volumes as the market returned to its becalmed state with investors staying away. The All Share Price Index closed down 0.70 percent (17.29 points) at 2,447.18 while the more liquid Milanka fell 1.12 percent (32.73 points) to 2,894.27. Turnover was just […]
‘s Law comes alive in Sri Lanka amid high inflation
Aug 11, 2008 (LBO) – Sri Lanka is melting its coinage and minting less valuable coins amidst booming commodity prices and rising inflation at home, continuing a tradition of monetary debasement that dates back to ancient monarchies. By collecting the Nickel/brass and Cupro/Nickel coins in circulation and shipping them to the minter for melting and […]
Sri Lanka president seeks funding from China Exim Bank
Aug 11, 2008 (LBO) – Sri Lanka’s president Mahinda Rajapaksa has discussed further funding from China’s Export Import Bank to expand a coal power plant, a highway and a bunkering project, the foreign ministry said. China is building a port in the southern Sri Lankan town of Hambantota, which is President Rajapaksa’s home constituency. President […]
Sri Lankan shares weaken
Aug 11, 2008 (LBO) – Sri Lankan stocks closed weaker Monday with the indices dragged down by falls in John Keells Holdings and Distilleries, brokers said.The All Share Price Index closed down 0.08 percent (2.09 points) at 2,464.47 while the more liquid Milanka fell 0.16 percent (4.72 points) to 2,927.00. Turnover was just 143 million […]
Sri Lanka activist seeks removal of Central Bank member: report
Aug 10, 2008 (LBO) – An activist who went to court against a privatization deal has sought the removal of a member of the rate setting committee of Sri Lanka’s central bank who was faulted in a court ruling, a media report said.The Sunday Island newspaper said lawyers to left-leaning politician Vasudeva Nanayakkara had written […]
Oil bubble burst prompts probe call in Sri Lanka by top producer
Aug 09, 2008 (LBO) – The deflation of the oil bubble appeared to take hold in August as long expected by economists who identified it as a ‘monetary shock’ from reserve currency central banks, and Iran called for a probe into the root causes of the price spike. Oil and commodity prices raced to new […]
Sri Lanka central bank sells rare coins online, notes to follow
Aug 08, 200 (LBO) – Sri Lanka’s central bank has started online sales of old and commemorative coins which are sought after by collectors worldwide, with old notes also put on the block soon, a top official said.Governor Nivard Cabraal said old notes would also be made available to collectors in the near future and […]
Sri Lanka shares becalmed, JKH gains
Aug 08, 2008 (LBO) – Sri Lankan stocks closed barely changed with a big block of John Keells Holdings shares changing hands at 104.50 rupees, brokers said. The All Share Price Index closed marginally up, gaining 1.08 points to 2,466.56 while the more liquid Milanka fell 0.11 percent (3.30 points) to 2,931.72. Turnover was 541 […]
Sri Lanka central bank says interest rates easing
Aug 08, 2008 (LBO) – Sri Lanka’s central bank has said interest rates on benchmark government securities had begun to ease with the opening up of the market to foreign investors, continued liquidity and lower inflation expectations. “In line with the rate reduction in the primary market, the secondary market yield curve that represents the […]
Sri Lanka to get new government office complex
Aug 08, 2008 (LBO) – Sri Lanka’s trade ministry and the urban development authority plan to build a 15-story government complex in the suburb of Rajagiriya, just outside the capital Colombo, ministry secretary R M K Ratnayake said.The cost of the project will be around three billion rupees which will be allocated by the state […]
Sri Lanka inflation to fall ahead of region: CB Governor
July 08, 2008 (LBO) – Sri Lanka’s inflation would head down faster in the coming months as its monetary authority had started a tightening cycle earlier than the region, Central Bank Governor Nivard Cabraal said.“We are one of the few countries to start tightening early,” Governor Cabraal said. “We will also see results earlier.” He […]
Sri Lankan shares fall, Arisaig Fund sells stake in Richard Pieris
Aug 07, 2008 (LBO) – Sri Lankan shares ended weaker Thursday but turnover was pumped up by the sale of a big stake in Richard Pieris & Co held by Arisaig India Fund, brokers said. “It’s only the company’s plantations which are doing well,” he said. “Also, Richard Pieris is a highly geared company, having […]